Interactive Brokers - SGD now available for funding

[kenpachi82]

Hi guys, i'm using a cash account currently. If i want to reuse my sales proceeds before settlement date,i would have to open a margin account is that right?
After i get a margin account, in future whenever i buy stocks, will i be charged margin fees for buying on margin even though my cash can fully pay for the purchase?
Many thanks!

 

[IndianChief]

when converting from SGD to USD, is there a minimum amount?

tried the demo account trying to convert 600 sgd (fxcon), it gives a popup saying that its below the ideapro minimum or something like tt???

 

[Shiny Things]

when converting from SGD to USD, is there a minimum amount?

tried the demo account trying to convert 600 sgd (fxcon), it gives a popup saying that its below the ideapro minimum or something like tt???

Change your Trade Routing from IDEALPRO to FXCONV. IDEALPRO is for larger trades (>25k).

Hi guys, i'm using a cash account currently. If i want to reuse my sales proceeds before settlement date,i would have to open a margin account is that right?

I'm pretty sure the answer is yes to this one.

After i get a margin account, in future whenever i buy stocks, will i be charged margin fees for buying on margin even though my cash can fully pay for the purchase?
Many thanks!

Nope. If your cash can fully pay for the purchase, then you won't pay any margin interest - you only get charged margin interest if you go over the cash in your account. (CFDs, on the other hand, charge you margin interest on the full amount of the trade.)

Will it be treated as income generated from the US meaning you have to file a US tax return?

Whether you have to declare this in your SG income tax I also not sure.

Hope someone who has done this can clarify the tax position....

If you're a Singapore resident, then, nope - it'll just be taxed like normal (no tax on the borrow fees, and a 30% withholding on any payments in lieu of dividends). Shouldn't make any difference.

 

[aunsoh]

Trading on SGX using IB

i think i've seen this question before in this enormous thread...but can't find the answer..

If you open an account, you can't trade SGX..anyone tried opening account from Malaysia or Hong Kong that allows you to trade SGX? If so, can share how to do the SGD fundings ?

 

[ricky48]

Hi Shiny Things,

W8-BEN questions. I am Indonesia citizen, but residing in Singapore (work and pay tax in Singapore)

Understand from earlier post, we just leave BLANK the foreign tax identification number

But going ot this part:
Part II: Claim of Tax Treaty Benefits for Chapter 3 Purposes Only
9. I certify that the beneficial owner is a resident of

Why can't I select Singapore in the drop down list? What should I select then?

Thank you in advance

 

[Shiny Things]

But going ot this part:
Part II: Claim of Tax Treaty Benefits for Chapter 3 Purposes Only
9. I certify that the beneficial owner is a resident of

Why can't I select Singapore in the drop down list? What should I select then?

Because Singapore doesn't have a tax treaty with the USA for the purposes of the W8-BEN. Pick "none of the above" or whatever.

If you open an account, you can't trade SGX..anyone tried opening account from Malaysia or Hong Kong that allows you to trade SGX?

Yeah, this works (if you supply a HK or MY home address), but they'll check. For example, if you say you live in HK but then you say you work for Bob's Discount Widgets in Jurong, they're going to assume you're fibbing about your home address, and they'll put the Singapore restrictions on you.

If so, can share how to do the SGD fundings ?

FAST transfer from a SGD account, same as anyone else.

 

[kenpachi82]

Hi all, how do i add a bracket order (limit sell & stop loss) AFTER i already had an order filled. I forgot to put in the bracket order when placing the buy order :x
Thanks!

 

[IndianChief]

can buying market data access be used to offset the USD 10 comission??

 

[IndianChief]

how come IB open account for Chief without 10K deposit ah

Chief transferred 10 SGD for testing and they activate the account for trading

somore 1st 3 months got no USD10 minimum commission requirement

after 3 mths, as long maintain average equity balance of 2K USD, they wont charge anything more than 10USD commission

so whats the catch in not depositing the USD10K at the start??

 

[opt1m4l]

FWIW I believe the foreign tax identifying number is your NRIC number, according to this leaflet from OECD.

 

[MikeDirnt78]

how come IB open account for Chief without 10K deposit ah

Chief transferred 10 SGD for testing and they activate the account for trading

somore 1st 3 months got no USD10 minimum commission requirement

after 3 mths, as long maintain average equity balance of 2K USD, they wont charge anything more than 10USD commission

so whats the catch in not depositing the USD10K at the start??

Wait till grace period is over.

 

[IndianChief]

Wait till grace period is over.

What will they do? There's no ongoing requirement to maintain 10k leh

 

[stam]

What will they do? There's no ongoing requirement to maintain 10k leh

There is ongoing monthly Min $10usd commission only

That time I also transfer $100 then can trade already

Posted with My iPhone 7plus HardwareZone Forums app

 

[limster]

What will they do? There's no ongoing requirement to maintain 10k leh

The charges, fees and required minimums are all there on the website in black and white.

 

[IndianChief]

The charges, fees and required minimums are all there on the website in black and white.

Knn... Obviously Chief read that and still want to clarify that's why ask right

 

[iammole]

anyone can enlighten how to trade Gold & Oil on IB?

 

[Shiny Things]

anyone can enlighten how to trade Gold & Oil on IB?

Gold: use the CME gold futures (GC is the code), or the GLD ETF.

Oil: which oil? Brent or WTI? If you don't know which one, you probably shouldn't be trading oil.

 

[MikeDirnt78]

XAUUSD for gold spot price.

 

[MikeDirnt78]

Knn... Obviously Chief read that and still want to clarify that's why ask right

If it is already written, then you still want to confirm?

 

[MikeDirnt78]

can buying market data access be used to offset the USD 10 comission??

Correction: See post #2050